Positive sentiment buoys PSEi

Share prices on the Philippine Stock Exchange (PSE) rebounded on Monday, driven by positive sentiment throughout the trading session.

The main PSEi gained 28.74 points or 0.37 percent to 7,897.02 at the closing bell. The broader All Shares grew 8.04 points or 0.17 percent to 4,864.39.

"With solid US growth data, investors fed on the positive sentiment today as local companies slowly reported earnings," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

"The US economy grew at an annual rate of 3.2 percent in the first quarter, well above the 2.3 percent estimates, marking the first time since 2013 that first-quarter GDP topped 3 percent," he elaborated.

One of the companies that reported earnings on Monday was Manila Electric Co. (Meralco), which saw its core income increase by 14 percent to P5.6 billion in the first quarter.

Foreign funds bought P3.735 billion of shares during the session and sold P3.778 billion for a net selling position of P42.913 million.

More than 1.060 billion shares, valued at P5.805 billion, changed hands. Decliners led advancers, 97 to 89, and 52 issues were unchanged. — BM, GMA News